Wipro Shares Gain After Its Profit Rises 7% in September Quarter

Software services company Wipro shares got raised by as much as 3.32% to Rs. 251.80 on the BSE a day after the company said its net profit increased by 6.91% in the July-September quarter relative to Rs. 2,552.70 in the previous quarter. On yearly basis, Wipro’s net profit rises to 35.13 percent.

Wipro’s share price improves 3.30% on the National Stock Exchange. In the July-September period, Wipro’s revenue closes at Rs. 15,125.6 crore, showing a rise of 2.78% compared to Rs. 14,716.10 crore in the previous quarter.

In the July-September period, Wipro said revenue from its IT services segment ends at $2,048.9 million, marking an increase of 2.5% compared to the year-ago period. The segment’s operating margin was 18.1 percent.

At the end of the quarter (December 31), Wipro expects revenue from its IT services business to range from $2.065 million to $2.106 million.

“We had a good in-quarter execution on both revenues and margins,” said Abidali Z Neemuchwala, CEO and managing director, Wipro.

Revenue from the group of IT services came in at Rs. 320 crores, said the company based in Bengaluru. Wipro concluded its quarter-long exchange of Rs. 10,500 crore ($1.49 billion) shares.

At Rs. 249.30, Wipro’s stock jumped 2.3% higher, outperforming the 0.15% Sensex. Wipro shares saw higher trading volumes than normal as 4.07 lacked shares changed hands on the BSE compared to an average of 1.65 shares traded daily over the past two weeks.